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British bank settles with New York over money-laundering tied to Iran

  • $250 billion the amount Standard Chartered Bank is accused of helping the Iranian government launder from the U.S. between 2001 and 2007
  • $350 million the amount the company paid to help get that situation settled so that they would could get New York’s financial regulator off their back source

» Why did they settle? Well, to put it simply, it was starting to turn into a PR crisis. While they disagreed with the state of New York’s portrayal of the situation, the regulatory body had some pretty decent ammo against the bank, including an exec saying this: ”You (expletive) Americans. Who are you to tell us, the rest of the world, that we’re not going to deal with Iranians.” (There are U.S. sanctions on Iran.) The bank will take corrective measures to prevent this from happening again. (EDIT: As the WSJ’s Samuel Rubenfeld points out below, the deal does not preclude a settlement from federal regulatory bodies. That’ll happen separately.)

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August 15, 2012 // 7:39 // 2 years ago
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22 notes from really cool Tumblrs like ours. Click to read.

  1. apocalux reblogged this from shortformblog
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  5. rubenfeld said: It’s worth noting that the settlement doesn’t carry through to the federal regulators, with which SCB has to also settle.
  6. nikonwitch reblogged this from shortformblog and added:
    Ah, the arrogance! I’m glad they paid out the nose! WTF?!?!
  7. dirtyklingon reblogged this from shortformblog and added:
    regulators in new york have jursidiction over banks in the UK now? americans do not do themselves any favours with this...
  8. shortformblog posted this